As something already normal, of all the months, the Social Security Administration, also known as SSA, already has the millions of payments ready for the beneficiaries of its Program, the last round of payments of the month, those who receive it are from workers who are already retired, to citizens with some type of disability who, regularly, are in the category of Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI).
These payments will be sent, so that they are executed with reference to the date of birth of those people who receive the benefits, those people who were born between the 1st and 10th of the month, receive their money on the second Wednesday of each month, those people born between the 11th and 20th, receive their money on the third Wednesday of each month and those born from the 21st to the 31st receive it on the fourth Wednesday.
This Week’s Social Security Payments Are On the Way
Information that is worth emphasizing is, that people who retired before 1997 and who receive SSI benefits are not within the payment scheme mentioned above, which I know is based on birthdates, since the SSA makes the money transfer to them in the first days of the month, if a beneficiary has regular Social Security payments and is also an SSI beneficiary, the Administration will give priority to the SSI payment at the beginning of the month and the regular payment will be generated until the third, the SSA recommends waiting three business days before contacting if your payment has not arrived as scheduled.
The amount each individual Social Security beneficiary receives varies, as it is based on various factors, such as the age at which benefits were applied for and the individual’s highest earning working years. In 2024, the maximum monthly benefit is $4,873 and this will most likely increase in 2025 due to the Cost of Living Adjustment (COLA), the previous year, the adjustment resulted in a 3.2 percent increase in benefits for Supplemental Security Income (SSI) beneficiaries starting in December 2023 and for Social Security beneficiaries starting in January of this year.
What’s the Average Social Security Payment?
For those people who retire in 2024, the highest retirement benefit is only available to those who retire at the age of 70, if you decide to start receiving retirement benefits at age 62, the earliest possible age, your maximum benefit would be $2,710.
Beneficiaries who were born between the 21st and the 31st of any month of the year will receive their Social Security retirement check on Wednesday, July 24th, those beneficiaries who were born earlier in the month, as well as those who receive Supplemental Security Income (SSI), should have already received their money.
The next payment that will be issued will be the first payment corresponding to the month of August, which applies to retirees born between the 1st and the 10th of the month, who will receive their payments on August 14th.
Understanding the timing and distribution of your Social Security payments can be a great help in better managing your finances and planning for the future.
Be Sure to Mark Your Calendar With These Important Dates
If your latent question is, how to make the most of my Social Security check?
Understanding the factors that influence your benefits can help you make the most of your retirement income.
- Some key factors that influence your Social Security payment. The amount of your Social Security payment is influenced by several factors, including:
- The age of the beneficiaries at the time of making the application for retirement benefits.
- The amount paid to the SSA over the working years.
- The number of years Social Security contributions were made
- Have jobs that are covered by the SSA.
To access a personalized estimate of your monthly benefits, you can make use of the SSA Statement, which gives you a more accurate picture of what you can expect in the future.
